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Larris Larsen, AAIS assistant vice president for
compliance, will give a presentation on insurance policy readability
on Jan. 11, 2010 to members of a working group in the office
of Wisconsin's commissioner of insurance.
The group is considering proposals to mandate a
higher "Flesch" score for insurance policies than currently required.
(The Flesch Reading Ease scale scores how easy it is to understand a
passage on a score of 0-100; the higher the score, the easier it is to
read.)
Larsen will address the impact that policy structure
and organization have on readability, and how they can help make a
policy easier to read, even if some passages have a low Flesch score.
A new web-based rating worksheet for "Difference
in Conditions (DIC)" coverage is available on
AAISdirect for users of the
AAIS Inland Marine Guide.
DIC policies provide property coverage for flood,
earthquake, and other perils not typically covered under commercial
property policies. They are also used to provide excess coverage for
such perils if covered in underlying policies, but DIC policies
necessarily exclude coverage for fire and standard extended perils.
(Otherwise, they would not conform to the Nationwide Definition of
inland marine insurance.)
The new DIC rating worksheet was developed using
".net" technology, and provides the following:
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Automatic calculation of loads, charges, and
premium;
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Quote summaries prior to printing;
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Ability to save quotes for up to one month; and
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Form fields to document risk features (exposures
and loss controls).
For information on affiliating with AAIS for
use of the Inland Marine Guide, contact Rick Maka, director of
marketing, at rickm@AAISonline.com
or by calling 800-564-AAIS, ext. 222.
Town & Country Computer Services
(TCCS), Schenectady, N.Y., announced that two companies are using TCCS's
"INS PRO" insurance processing software to help write lines of business
on programs provided by the American Association of Insurance Services
(AAIS). The two companies are:
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Great Lakes Mutual Ins. Co., Calumet, Mich.
Based in Houghton County in Michigan's Upper Peninsula, Great Lakes
Mutual has agents throughout Michigan offering policies based on the
AAIS Homeowners and Dwelling Properties programs. As of March 2009,
all of the company's agent quotes and applications in affected AAIS
lines have been processed through an INS PRO application.
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Lincoln Mutual Ins. Co., Lincolnton, N.C.
Founded in 1895, Lincoln Mutual writes AAIS-based Homeowners,
Dwelling Properties, and Farmowners policies throughout the state.
Live use of INS PRO for processing agent quotes and applications in
those lines is imminent.
TCCS, founded in 1985, is an associate member of
AAIS that provides software supporting several AAIS personal,
commercial, farm, and inland marine programs. Its INS PRO Platinum SQL
database and INS PRO Enhanced Web Quoting are designed to give carriers
tools for managing their business and agents tools for providing their
customers with the best possible products and service.
For information on TCCS services, contact Michael J. Krug, financial and
marketing manager, at
sales@tccs-inspro.com.
For information on associate membership in AAIS,
contact Rick Maka at
rickm@AAISonline.com or by calling 800-564-AAIS, ext. 222.
A recent
bulletin
from the Mississippi Department of Insurance clarifies a regulation
issued earlier this year and reported in a previous
Advisory.
The initial regulation stated that no insurer or
producer could issue a certificate of insurance or similar document
that altered the coverage provided under approved policy documents.
The clarification states that the regulation
does not prohibit insurers or producers from issuing certificates
and similar documents if they are required by federal or state
agencies and political subdivisions. Documents utilized in such
circumstances do not require prior approval by the department before
being used.
Companies reporting statistical data to AAIS for
Artisans or
Businessowners policies
are to begin utilizing the revised statistical plans for those lines no
later than for policies booked on Jan. 1, 2010.
Among other things, the new statistical plans,
released in April:
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Add new policy form fields for some endorsement
coverage options;
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Add new class codes for professional liability
coverage options;
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Add the lead liability reporting requirement to
New Jersey and Rhode Island (in addition to Massachusetts and
New York); and
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Add new fields to capture additional information
essential to the rating of Artisans and Businessowners risks.
More information on the new statistical plans, along
with the plans themselves, are available to eligible affiliates as
attachments to bulletin 09-0728, dated April 3, 2009.
The contact person for the plans has changed since
the bulletin was issued. Direct questions to Janice Nieman, director of
technical product support, at
janicen@AAISonline.com or by calling 800-564-AAIS, ext. 223.
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Transmitted by the American Association of
Insurance Services, 1745 S. Naperville Road,
Wheaton, IL 60189. |
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www.AAISonline.com
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